The CEO of Sonic (NASDAQ: SONC) is Buying Shares

By Carrie Williams

Yesterday, the CEO of Sonic (NASDAQ: SONC), Clifford Hudson, bought shares of SONC for $1.16M.

This recent transaction increases Clifford Hudson’s holding in the company by 32.23% to a total of $8.46 million. In addition to Clifford Hudson, 2 other SONC executives reported Buy trades in the last month.

The company has a one-year high of $30.05 and a one-year low of $22.11. SONC’s market cap is $965.9M and the company has a P/E ratio of 16.33. Currently, Sonic has an average volume of 582.3K.

14 different firms, including Canaccord Genuity and Citigroup, currently also have a Buy rating on the stock. Based on 5 analyst ratings, the analyst consensus is Moderate Buy with an average price target of $26.6, reflecting a -9.7% downside.

In the last 30 days, insiders have sold $1.31M worth of SONC shares and purchased $1.16M worth of SONC shares. The insider sentiment on Sonic has been neutral according to 29 insider trades in the past three months. This sentiment is higher than the average sentiment of company insiders in this sector.

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Sonic Corp., through its subsidiaries, engages in the operation and franchising of a chain of drive-in restaurants. It also owns and leases properties to franchisees and other parties. Its product includes specialty drinks, ice cream desserts, made-to-order cheeseburgers, chicken entrees, hand-made onion rings, and tater tots.